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Breaking News: Bitcoin Exchange Gemini Makes A Splash On Nasdaq Debut, Jumping Nearly 50%
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Breaking News: Bitcoin Exchange Gemini Makes A Splash On Nasdaq Debut, Jumping Nearly 50%

Charted: Ripple (XRP) is Primed For a Rally And Only 1 Thing is Holding it Back

Aayush Jindal
Aayush Jindal
1 year ago
2 mins read
Ripple (XRP)

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Ripple started a downside correction below $0.6500 against the US Dollar. XRP price is likely preparing for the next major move, similar to bitcoin and ETH.

  • Ripple corrected lower, but it remained stable above $0.6000 against the US dollar.
  • The price is struggling to clear $0.6500, but it is well above the 100 simple moving average (4-hours).
  • There is a major contracting triangle forming with resistance at $0.6340 on the 4-hours chart of the XRP/USD pair (data source from Kraken).
  • The pair is likely to surge above $0.6500 and $0.6800 as long as it is above the $0.5500 support.

Ripple’s XRP Price is Holding Key Supports

After trading as low as $0.4566, ripple’s XRP price started a fresh increase above $0.5500. Bitcoin price climbed back above $19,000 and ETH broke the $600 resistance.

XRP is now struggling to clear the $0.6350 and $0.6500 resistance levels. The last swing high was formed near $0.6896 before the price declined below $0.6000. It tested the 50% Fib retracement level of the upward move from the $0.4566 low to $0.6896 high.

The price remained well bid above $0.5750 and it recovered higher. It is now trading well above the $0.6000 support and the 100 simple moving average (4-hours).

Ripple’s XRP Price

Source: XRPUSD on TradingView.com

More importantly, there is a major contracting triangle forming with resistance at $0.6340 on the 4-hours chart of the XRP/USD pair. The triangle support is close to the 61.8% Fib retracement level of the upward move from the $0.4566 low to $0.6896 high.

If there is an upside break above the triangle resistance, the price could attempt to clear the $0.6500 resistance level. A successful close above the $0.6500 resistance could lift the price towards the $0.7000 resistance level in the next 3-4 days.

Downsides Break in XRP?

If ripple fails to surpass the $0.6340 and $0.6500 resistance levels, it could slowly move down. An initial support on the downside is near the $0.6000 level.

The first major support is now forming near the $0.5750 level. The main support is near the $0.5500 level, below which the price may even struggle to stay above the 100 simple moving average (4-hours).

Technical Indicators

4-Hours MACD – The MACD for XRP/USD is losing pace in the bearish zone.

4-Hours RSI (Relative Strength Index) – The RSI for XRP/USD is currently just below the 50 level.

Major Support Levels – $0.6000, $0.5750 and $0.5500.

Major Resistance Levels – $0.6340, $0.6500 and $0.7000.

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Aayush Jindal
Aayush Jindal

Aayush Jindal

Aayush Jindal, a luminary in the world of financial markets, whose expertise spans over 15 illustrious years in the realms of Forex and cryptocurrency trading. Renowned for his unparalleled proficiency in providing technical analysis, Aayush is a trusted advisor and senior market expert to investors worldwide, guiding them through the intricate landscapes of modern finance with his keen insights and astute chart analysis.

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From a young age, Aayush exhibited a natural aptitude for deciphering complex systems and unraveling patterns. Fueled by an insatiable curiosity for understanding market dynamics, he embarked on a journey that would lead him to become one of the foremost authorities in the fields of Forex and crypto trading. With a meticulous eye for detail and an unwavering commitment to excellence, Aayush honed his craft over the years, mastering the art of technical analysis and chart interpretation.
As a software engineer, Aayush harnesses the power of technology to optimize trading strategies and develop innovative solutions for navigating the volatile waters of financial markets. His background in software engineering has equipped him with a unique skill set, enabling him to leverage cutting-edge tools and algorithms to gain a competitive edge in an ever-evolving landscape.

In addition to his roles in finance and technology, Aayush serves as the director of a prestigious IT company, where he spearheads initiatives aimed at driving digital innovation and transformation. Under his visionary leadership, the company has flourished, cementing its position as a leader in the tech industry and paving the way for groundbreaking advancements in software development and IT solutions.

Despite his demanding professional commitments, Aayush is a firm believer in the importance of work-life balance. An avid traveler and adventurer, he finds solace in exploring new destinations, immersing himself in different cultures, and forging lasting memories along the way. Whether he's trekking through the Himalayas, diving in the azure waters of the Maldives, or experiencing the vibrant energy of bustling metropolises, Aayush embraces every opportunity to broaden his horizons and create unforgettable experiences.

Aayush's journey to success is marked by a relentless pursuit of excellence and a steadfast commitment to continuous learning and growth. His academic achievements are a testament to his dedication and passion for excellence, having completed his software engineering with honors and excelling in every department.

At his core, Aayush is driven by a profound passion for analyzing markets and uncovering profitable opportunities amidst volatility. Whether he's poring over price charts, identifying key support and resistance levels, or providing insightful analysis to his clients and followers, Aayush's unwavering dedication to his craft sets him apart as a true industry leader and a beacon of inspiration to aspiring traders around the globe.

In a world where uncertainty reigns supreme, Aayush Jindal stands as a guiding light, illuminating the path to financial success with his unparalleled expertise, unwavering integrity, and boundless enthusiasm for the markets.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

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